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tv   Bloomberg Technology  Bloomberg  July 5, 2018 5:00pm-6:00pm EDT

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selina: i'm selina wang, in for emily chang, and this is "bloomberg technology." china temporarily bans sales --m u.s. chipmaker macron micron. as we approach midterm elections in the u.s., the fake news fight rages on. what can platforms due to control misinformation -- do to control misinformation? why is there confusion and could
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it have an impact on facebook's revenue? first, to our top story, the continued struggles of chipmakers trying to do business in the world's largest market for semiconductors. a chinese court has temporarily banned micron from the chinese market. 26 macron products -- micron products are at risk. this all stems from a patent case where united microelectronics took legal action against the idaho-based company back in january. joining me to discuss is ian king, who covers the chip industry. ian, analysts are saying that the impact of this is just a ron, butip for mic china did account for more than 50% of its revenue last year. so, what are investors thinking here? is this a buying opportunity, or is there still concern? ian: what we had is micron put out a public statement in response to what had been said in china. yes, we've received this order
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from the court. when you look at what the patent's cover, they don't cover the fundamentals of our technology. they cover just some ways of packaging it and selling it, so it's a relatively small percent of our revenue that sits at stake -- that is at stake. that's being seized upon by those who like micron's stock and performance. they are safe, at least on this particular issue. selina: this intellectual-property dispute has been going on for quite some time, but can you attribute any part of this decision to the broader trade dispute between the u.s. and china? ian: micron was pretty forthright in what they said. china is saying that china is a fair place, that it treats the u.s. or foreign companies fairly and guarantees their rights, then it is doing this. clearly, they are implying that there is an implication with the broader environment that they are a pawn in this situation
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that we are seeing unfold. selina: there are so many companies that have been caught up in these clinical tensions. allei, zte, china mobile, seen as security risks. not to mention the qualcomm deal, still up in the air. where does micron fit into this? ian: it's still right in the middle of this, unfortunately for micron and its investors. micron is not only embroiled in this particular case, but it's also the subject of an investigation by chinese antitrust regulators. they rated it -- raided its offices. they raided its competitors. what we think they are looking at there is price fluctuations. china is a huge market for memory, does not make any memory chips itself, and it does not like the fact that we have these shiny -- giant imports coming in at a huge expense. these companies are doing very
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well, making a lot of money, and china now wants to have a look at that. selina: against this is the backdrop that china wants to build their homegrown semiconductor industry. how does micron and this whole situation play into that? ian: that's a good point. china is out there saying we are going to spend hundreds of billions of dollars to boost our industry, and this is a very important industry to china. semiconductor imports cost more than it spends on oil. the memory chip industry has really been a thorn in its side for a very long time. they've tried to get in there for more than a decade and really failed. the market has concentrated into micron, samsung. it's putting pressure on companies to become more cooperative, to help alleviate some of that massive amount of money that is outflowing from china to these companies. selina: all right, bloomberg technology's ian king, thanks
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for all your hard work reporting on this. the semiconductor market isn't the only source of tension between the u.s. and beijing. amidst next leading tension -- amidst escalating tension -- america imported nearly $156 --lion in tech knowledge he technology and equipment from china. our next guest is intimately familiar with tech coming from china and other parts of asia. he is the cofounding partner and managing partner of a firm with over $3 billion under managemen t. thanks for being here. sticking with this micron situation, your invested with a lot of chinese companies. you have been a longtime investor in china. how are chinese investors looking at the u.s. market as a place to put their money amid all these political tensions? has anything fundamentally changed? >> there are four things going
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on at the same time, which is fairly unusual, the trump tariffs, the cps, the government double checking any chinese company buying a u.s. company in a very rigorous way, the third is the sanctions that hold qualcomm and now zte and now m icron issues, and the fourth is china doesn't want a lot of the rmb to be flowing into dollars, but they want to control that. so, what you are seeing is the confluence of these four forces happening at the same time, and it's creating a situation where it's much more difficult for chinese investors to invest in silicon valley. selina: when you are talking with investors in china that could potentially invest with you, what are they saying? are they de-prioritizing the u.s. as a market? >> the second tier financial institutions and tech companies have largely slowed down their
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investments in silicon valley. the first top-tier companies like baidu or tencent still have some ongoing activities, but compared to a year or year and a half ago, it has slowed down. selina: in terms of the committee on foreign investment, -- are yous concerned about the impact of that on the dealmaking landscape in general? for us, we get 99% of our capital from u.s. and europe, so it doesn't really affect us, but i do think some startups do have if new backers have chinese government money. they need to be very careful. there is no question that cfius is slowing down a lot of m&a activity, particularly around semiconductors and core technologies that a lot of chinese companies have been coming to silicon valley and
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buying. selina: i spoke with several entrepreneurs who are willing -- worried about this chilling effect. they say raising money is already difficult enough for startups. if there is a chance that it could be rolled back by cfius, they don't want the money at all. there's the possibility you take in money now and you have those chinese investors sell out in the secondary before a merger. that's possible. --the whole, i do think that we are not really talking about these mobile applications companies. we are talking about hard-core semiconductor, ai technologies that really need to be careful. at the actualg numbers in terms of chinese investment in the u.s., it has been falling to the lowest levels seen in seven years. there are a few things at work there. there's the domestic beijing
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capital control policy, regulation here. do you think that trend will reverse itself anytime soon? where is all that capital going instead? >> given the tension right now with the u.s. and china and with all these confluence of tariffs and sanctions, i do think that this situation will probably continue until many of these tensions have resided. i think that we are walking into precarious situation. selina: do you think a lot of chinese companies are looking at u.s. expansion in a different light? it seems like alibaba and tencent have been refocusing a lot of their attentions to the chinese market, southeast asia. >> i think companies that already bought properties in the -- i think they are committed to the global expansion. at the end of the day, for a chinese company to grow beyond their domestic market, u.s. is a
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very important market to them, for their globalization strategy. i think the entry point has been shrinking a little bit over the last few years. selina: one key concern of lawmakers is the intellectual property theft, forced transfer of technologies. when you are helping u.s. companies expand into china come have you ever come across those issues? >> not very much. i think for startups, they are in a situation where they want to sell their technology as many ways as they can. because they are still very small, it doesn't come up on the great -- the government radar very quickly. it's only when they become large public companies that it becomes an issue. anlina: using plenti as example, u.s. based, have a lot of ip to protect -- they are looking at china as one of their biggest markets.
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how does a company like that approach expansion into china while protecting themselves? >> i think there are many ways you want is to potentially go -- many ways. one is to potentially going to china through hong kong. currency exchange is a little more fluid. that's one way to go about it. the other route is to find the right partner. when you find the right partner, who has a track record of having very clean ip issues -- they are -- there are good players. there are some bad players in china. there are really good role model type companies that we can work with to expand into china. selina: looking at the bigger picture, do you think we are entering a world where the china and u.s. tech markets are increasingly closing themselves off from each other, creating these parallel ecosystems? david: that kind of a sandbox already existed. facebook can't really practice in china.
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it certainly had been going one way. i think what's interesting now is that it goes two ways. if it goes two ways, does the war escalate? we don't know yet. certainly the chinese market from a startup perspective has been a sandbox that has been relatively protected. the question is will it continue to be and vice versa will u.s. create a sandbox against chinese investors. process is oneus way they are creating that sandbox. selina: sticking with chinese tech, telecom manufacturers the te has appointed a new ceo -- telecom manufacturer zte has appointed a new ceo. it struck a deal with the trump
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two and restrictions placed upon it. zte agreed to pay a fine. up, civility versus fake news. how one digital news platform is trying to enlighten the online discourse. that's coming up next. if you like bloomberg news, check us out on the radio area listen -- radio. listen on the bloomberg radio app. this is bloomberg. ♪
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selina: the advent of the internet has turned the news
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business on its head. with both publishers and consumers decrying fake news, nearly 60% of americans believe freedom of information should be protected at all costs while only 40% think the government should intervene. when you ask when mattel companies should stop -- when tech companies should stop fake news, that number jumps to 58%. app, al news aggregation place for civil and thoughtful engagement, claims more than 3 million users, says half of its revenue comes from paying subscribers. its parent company just bought another digital news media platform from somewhere between $75 million to $100 million. joining me is the ceo. think for joining us. -- thanks for joining us. in the aftermath of this data
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privacy, fake news issue, i've seen a lot of startups try to position themselves as the startups to the ills of facebook and twitter. what makes this different? >> look at the problem. what the issue behind the uproar -- what's the issue behind the uproar? the biggest single issue is the black box algorithms that google and facebook and all the rest are using to control and distribute the news. we are doing -- bringing that control back to our users. we have both normal users and experts picking the news and everyone can follow each other and see what's being verified by our users, not just some algorithm that we don't know how it's coming to display what it does in our feed. selina: what makes you think you can survive when the tech giants are -- i thought twitter's recent products: i -- product rollout was interesting. it is having expert tweets appear next to breaking news.
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what's your take? ian: the fundamental issue for publishers and social media sites is -- you see twitter going into news, linkedin going into news, but that's not their bread and butter. the infrastructure of their company is built around being a social network. the publishers are publishers. they make content. they are not great at galvanizing community, creating the social aspect of it, but people need that in the age of social networks. what we are doing is, because we started from the ground up, focused on creating both community and a strong content team, we are able to combine the two that the bigger competitors are not and build a business model on top of that that we think will last. it's been proven in our japanese counterparts. selina: but it's very hard to please the internet. once any social media company reaches a certain size, they start to deal with trolls and texas city -- and toxicity. are you planning to deal with that? -- how are you planning to
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deal with that? ian: one of the biggest problems is the ability to talk to one another. the comments sections. once you are able to talk to users, your focus goes away from the issue at the top and down to the other users. picks, you are only able to post your commentary once. you can't tag people, reply to people. you can't do anything else. you get to browse interesting perspectives, but you can't start fights, thread comments. that protects us from a lot of the issues you will see on twitter, facebook, linkedin, read it -- reddit, etc. selina: your parent company, recently acquired anothe company, quartz. what will that look like? ian: there was a lot of media coverage of the acquisition earlier this week. it's important to focus on what the founder is saying, which is the purpose of acquiring quartz was to leverage their strength to make the news picks --
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newspicks' platform in the u.s. stronger. you are good at creating a platform. courts is -- quartz is good at specialized content, excellent journalism. we will bring those two together to create a mutually beneficial business. selina: newspicks was first launched in japan where it has this pace of scripture model -- paid subscription model. are you thinking about importing that here? ian: there is a high quality branded and subscription revenue component. you can rely entirely on advertising. can't relyve you entirely on advertising. you have to build a loyal subscription base. we will do both, in the same way our japanese counterparts succeeded. selina: facebook insists that it is not a media company, but it does post a lot of content,
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curate it. it seems to be a pretty fine line. where do you stand on this? ian: on facebook's position as it media and content company? -- as a media and content company? i think it depends on what your purpose is as a business. if you are a technology company that is designing your business model around publishing, media, content, that's what you should be and that's what you should focus on. facebook -- they've gone through lots of cycles. they've released plenty of products in marketplaces, things like that. they are trying to do too many things. they can say they are a media player because they have media on their website, but as we can see, it's not providing an optimal user experience for anyone looking to find their news and understand why it's relevant. selina: we all know that misinformation flows faster than real information on social media. who is responsible for stopping
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that? is it the government, the platforms themselves, the user community? : the bigger issue is media literacy. for our media consumers across the country, not just in the u.s., it's important to understand how to read news and verify whether it is real or not on their own. that's a long-term solution. it takes a lot of government planning, grassroots planning. in the interim, the tech companies need to do more to control the spread of take news on their websites. when their business model is built on views, it's difficult for them to try to do anything that will stop more people. fake news is attractive. people click on it. it's good for them. myer,: newspicks' ceo ian thanks for joining us. ipo.i prepares for its early signs show weak demand. details up next. this is bloomberg. ♪
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selina: some stories that we are watching. the debut of xiaomi shares is off to a bad start. the stock does not start trading officially till monday in hong kong. some institutional investors say graymarket bids were at times more than 9% below the issue price. abandoningave been hong kong because of concerns over a u.s.-china trade war. the european parliament rejected proposed changes to copyright rules that could have made major internet players, including google and facebook, legally liable for content that users upload to their platform. that proposal now returns to lawmakers for more amendments. the committee has supported new eu copyright rules that could force web platforms to actively filter out copyrighted content from user uploads, that is if rights holders don't grant them a license.
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amazon plans to publish a holiday toy catalog in a drive to win the business of for grab after the demise -- up for grabs after the demise of toys "r" us. the printed guides will be mailed to millions of households and handed out at whole foods locations. amazon has become a toy shopping destination in its own right, steadily gaining market share the last few years. coming up, ai and voice recognition technology is being used for home assistance, but could it be used for national security? we will speak to one startup working to do just that. and bloomberg technology is livestreaming on twitter. check us out @technology. follow our global breaking news network @tictoc on twitter. this is bloomberg. ♪ retail.
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under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver.
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is "bloomberg technology." i'm selina wang here in san francisco. startupn valley-based using voice technology in ways it hasn't been used before. it's gotten the attention of former u.s. secretary of state condoleezza rice and former defense secretary robert gates, both advisers to the company. the cofounder and ceo joins us now to discuss. can you explain exactly how this technology works and who you are -- your target customers are? >> let me put this in context.
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imagine a group of people with issues that you are worried about specific to risk. we are able to work with our customers to derive specific questions. we automate those questions. we have a global platform that delivers automated interviews. individuals take these interviews over the phone from anywhere in the world in any language. it takes about 10 minutes. we process those results and produce a risk for sport -- risk report. selina: you're saying, based on the way i talk, my intonation, inflection, you can figure out if i'm a risk or not? how accurate is this? alex: what we are looking at is specific, but subtle changes in the voice we are able to read very accurately. we're not looking at what you say. we are looking at yes and no responses. those are what we measure, producing that report. think of a blood pressure reading from low to high. we are measuring those responses and triaging risk on that spectrum for our customers. selina: how does this differ
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from a traditional polygraph or lie detector? --x: its way out in the ego ecosystem of risk. if the concept of data being sent to experts -- it's the concept of data being sent to experts, doing the credibility assessment. we exist on the front end of the spectrum, identifying risk, providing indications of risk. the person at the end, the light detection will happen, the expertise -- the lie detection will happen, the expertise -- we are on the front end of just doing the risk identification. get an i'd love to example of a real-world situation where it's been applied, in particular this fascinating case in the philippines. your tech helped identify employees behind a $15 million fraud. alex: wherever there is human risk involved, that's where we like to play. in this case in the philippines, they had a problem where, across
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thousands of miles of supply chain, who was involved. we screened a large amount of people and identified where there might be risk present that was unknown to the customer before. the lead investigator was able to zero in and get a confession and find where the fraud was happening. the idea of the data coming very quickly to the expert to make a determination of where that was happening. that was just one case of many. it's really exciting. selina: intellectual property protection is another big concern of companies. as your technology been able to help on that front, in terms of screening individuals who might be at risk of committing those types of actions? alex: we spend the bulk of our time getting validation in the market. now we are at that inflection point to go to market. it is something very exciting to know we can go help in that ip protection space, counter fraud, and so on. these are where we are headed next. where we are at now is in the market commercially with some really exciting users, using us for applicant screening, fraud protection, investigation due diligence, and in the government
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space helping feed data to experts to make better decisions in places like afghanistan. selina: what are you doing in afghanistan right now? alex: really exciting, multi--based pilot with -- multi-based pilot, sponsored by the doolittle institute. when people hear about this, the biggest issue they have is incredulity. we spend a lot of time on getting believability, rendering our technology with greater than 97% accuracy, no false negatives. we are playing where risk exists holistically, multi-delly points -- multi data points. the machine is doing the data and prediction. human judgment is feeding into the decision. that's what we are doing in afghanistan right now, in places like uganda doing counterpunching, counter threat financing work. a lot of really cool examplesin austereles in
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environments where there is no other data to help drive an increase in security and saved a -- and safety. selina: what are some of the ways your technology could solve the immigrations issues in our country? alex: we would be a large part of that solution. it has to be holistic, multilayered. if you remove the clinical chart from the issue, you have a country of immigrants -- the political charge from the issue, you have a country of immigrants that needs immigration to prosper. there are individuals on both ends of this equation. where we would come into play is screening people very quickly, noninvasively, without bias, allowing them to accelerate through a process, identifying a small portion of that population who present risk for experts to make a determination, using human judgment, morality, values, law, to make a decision on if the individual does pose a risk. the idea is bridging the trust trust, gap, accelerating
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and building secure bridges that are connecting people in this time of uncertainty. selina: we are at a time when tech companies are being scrutinized more and more for any potential weaponization of their technologies. i'm sure you've been following google, coming under fire. amazon with its facial recognition being used in police forces. where do you stand on all of this? alex: we have no p.i.i. associated with any of our technology, how we roll this out in use by customers. you're using this as a force for good, to increase in the trust share economy. ande is a gap between trust the pace of technology. we want to continue to accelerate that by bridging the trust gap. that is weaponize in this for a force of good, getting people jobs who wouldn't otherwise be able to have jobs because they look a certain way or are from a certain region, identifying risk when it otherwise would have gone unnoticed. we're aligning with our customers.
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we can all hold hands and agree these things are bad. let's come together and get data to inform better decision-making, scale your business, internet markets, and be a force for good. selina: you were in the military for almost a decade. robert the -- robert gates and condoleezza rice as advisors. what's your number one concern? alex: my number one concern is impact. this is something new. we are talking about an innovation of the voice. it's never been done before. we are not iterating on the candlestick to get a lightbulb. how we imply -- apply it is going to be very important. in the business sector, to move the needle on fraud, applicant screening, ip protection. in a social space, how people can get jobs and move without the traditional forms of security passports, etc. our number one goal and how we think about everything is with respect to our impact and how that impacts can be driven through with this new innovation
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that is used holistically and with other technologies. selina: you work with big tech companies like facebook, apple, palantir. what did you do for them? alex: we screen people that are in the security space, people in high visibility situations. we screened those people for risk to ensure security and safety. selina: fascinating stuff. alex martin, ceo and cofounder of ac global risk. thanks for taking the time. in the first half of the year, 60re than 70 60 million -- $7 million of cryptocurrencies was stolen. there's a lot of money on the table for potential criminals as well. the current market value of the top 100 cryptocurrencies is around $270 billion. coming up, we will hear from london-based vc highland, europe. where are they looking for tech startups and is the vc landscape
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getting too crowded? this is bloomberg. ♪
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selina:
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caroline: you are not vertical specific. it could be any e-commerce business, b2b. >> that's right. we have backed companies which you may be familiar with in the luxury e-commerce segment, but also software companies doing artificial intelligence and credit card transactions, for example. we cover a wide spectrum, both b2b, software applications, and b2c, consumer businesses. caroline: is there anything europe is getting particularly right? >> i think the recent track record shows that the space around fintech is very lively in europe. i think a lot of european companies generally get international.
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very early on, because they have to. that's a huge advantage for the companies we back. we invest across europe, germany, u.k., france, and the rest of europe. leading companies that have that global ambition. we think the fact that their dna is formed early on around a global proposition makes a big difference. u.k., germany, france, paris, berlin, london -- where else are you bringing forward talent and exciting businesses? >> there's so-called stem talents everywhere in europe these days. contrary to what people think, there is more in europe than there is in the u.s. there are about 250,000 more stem graduates coming out every year in europe. caroline: but then are they leaving for the u.s.? >> not now, because they have opportunities. the ecosystem in europe being so lively. her 20,000, 25,000
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more phd students in that field. there is talent in europe. that goes from helsinki, where we back to business doing facebook advertising, all the way down to italy or spain, where we in the past have backed gaming businesses or the private sales segment. a wide range of geography and talent. unfortunately, that talent is becoming a little less mobile towards the u.k. caroline: is that a problem? >> that is a problem for the tech industry. a lot of these businesses also learned very early on to open new offices in different -- and to work virtually across different younger fees across europe -- different geographies across europe, but also the u.s. a lot of the businesses we back have an ambition to go into the u.s. and we them achieve that -- we help them achieve that.
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that ability to open offices where you need to bring the talents together is there, and we think it is perfectly feasible. caroline: it is impacting london as a tech scene at the moment the lack of ability to move, to the physical place? >> nobody knows how much more could be going on in london. london is still getting something like three times the amount of investment that berlin or paris are getting, and i can say that as a frenchman. it's still extraordinarily lively here. there's an ecosystem of entrepreneurs, investors, and b usinesses ready to embrace those technologies as well. about london'sc future. caroline: you mentioned about how you back to company that was helping with facebook's advertising platform. that begs the question. does europe need -- will it make its own facebook or
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the chinese equivalent, a juggernaut? we had spotify. it got into double figures, $20 billion, nothing to laugh at. it is still not the juggernaut of a platform we have seen being built out of the u.s. and china. >> give it a bit of time would be my advice. you have to recognize that, in the past, there's been a fraction of the level of investment in europe that has occurred in the u.s. depspite that, there's extraordinary acceleration in terms of number of new companies reaching the billion-dollar mark, called unicorns. i think there were about 50 created in the last five years in europe. that's pretty good momentum, and those businesses are extraordinarily healthy. 60% are profitable. they are twice the size of the u.s. equivalents, so they are doing well. our feeling is europe doesn't need to hide. there is more capital now
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coming. we're contributing today with a little bit more, to help build those businesses. with the right timing and the right runway and the right help from the ecosystem overall, which is what our job is, we are confident that it will continue -- those businesses will continue to thrive. some will fail. some will do an ipo, potentially. some will combine with others. it doesn't matter. those jobs and that intellectual property have occurred here. and will remain here. capital that's coming -- we are seeing plenty of european venture funds opening. where are you seeing that money coming from? are you coming from the u.s. and china, or is it european money that once to be put into a riskier -- that wants to be put into a riskier area? >> it is from mostly europe and
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the u.s. it is university endowments. it is foundations not-for-profit foundations,, pension funds. offices.ate it cuts across a broad section of highly qualified investors that we're very proud of. we are excited to help those businesses as well. -- as well make the returns that they want for their own mission. caroline: you talk plenty of supply. is there ever an issue that there's too much money coming to quickly? -- too quickly? are you fighting over the same businesses? >> i would say there isn't in europe yet. fortunately, the investments have been concentrated across the whole lifecycle of the businesses. so, you have a very lively pipeline of early-stage
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businesses that have been funded by early-stage investors, then there is early growth like ourselves. there is opportunity for later stage growth as well. selina: that was stan laurent, partner at highland europe, begin with bloomberg's caroline hyde. coming up, we have gotten complaints -- that's the assessment sheryl sandberg gave when asked about facebook's new at policy. we will discuss the bumpy rollout and what it means for advertising on the platform. ♪
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in one tesla drivers
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of its biggest european markets are increasingly unhappy. they had the fourth highest number of complaints in the first half of the year. drivers have struggled to reach tesla's customer service. others have complained of late deliveries. tesla says it is working to improve its customer service. facebook is catching some heat regarding new rules for running ads with political content. the platform has taken down many flagged fors, keywords like "bush" and "clinton." sometimes they have nothing to do with politics, like a walmart advertisement for bush's baked beans. can you explain this bumpy rollout of this political ad rule? why it is blocking -- is it blocking seemingly innocuous content? >> it seems to be a keyword filter, which is really a problem. clinton is a popular name for
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towns in the u.s. think how common the word bush is. i found ads for everything from waxing salons to fried chicken to vacation bible school free lunch for kids. all these things were deemed clinical by facebook and blocked -- deemed political by facebook and blocked. one advertiser was advertising a baseball night for families in a town called clinton, and he said he is still getting that prompt from facebook even our -- after our story ran. there are plenty of kinks to work through. it shows how difficult it is to build an algorithm that can understand not just the content, but the context of the content and whether something is political. it's definitely something that is hard for a machine to figure out. selina: facebook has made a lot of changes to its advertising policy, as has twitter, but that seems to barely scratch the surface. in the 2016 presidential
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campaign, a lot of what the russian trolls were doing was making fake profiles, spreading propaganda in a very organic way. what has facebook done on that front? sarah: so, there has been a lot of work that facebook has done to try to figure out what's happening on the platform and try to prevent election interference in the future. they've hired a bunch of people. they are working with experts. mostly, they are trying to explain themselves, explained to congress-- explain to what has been going on on their platform that made it so hard for them to find this in the first place. one of the things that makes this difficult for facebook is they don't necessarily get the information from the intelligence community to figure out what to look for. so, they are kind of turning up this operation by themselves and looking for signals, hiring people who have security clearance or background insecurity to try to be more proactive.
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historically, in the 2016 election especially, they were very reactive to what journalists and the government pointed out was going on on their platform. now they want to find it first. clearly, it's going to be difficult. this company has more than 2 billion users oand so many piecs of content to go through. it's really hard to build something that's reliable. selina: speaking of explaining to congress, they recently revealed a 747-page document to congress that revealed more details about the extensive relationship with 52 hardware and software makers, including huawei, alibaba, apple. what more did we really learn about those dealings? arah: whenever i read facebook disclosure, you can go through all the questions. remember a time when they didn't have to talk about this. when i was reading through the 747-page document, you can look
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at the list of device manufacturers they put out and question to yourself, with a have done that if not for the news -- would they have done that if not for the news reports about those partnerships. the extended friend data access for some developers past 2014 rule change -- would they have done that if not for the "wall street journal" story about that behavior? it's important for congress and us to keep asking questions. err onebook is trying to the side of transparency now. [no audio] selina: sarah frier, los angeles. thanks for stopping by.
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that does it for this edition of "bloomberg technology." i'm selina wang in san francisco. this is bloomberg. ♪
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>> wall street returns from the independence day break with a strong advance by tech with the nasdaq rising over 1%. >> the dollar fell as traders look ahead to a dramatic day. u.s. payrolls and tariffs on china. confidence in the economy with policymakers maintaining the gradual pace. iran trolls president trump saying that his tweets are keeping the oil price hike and threatens to block.

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